LatinNews Daily - 26 May 2022

In brief: Mexico’s slow economic recovery continues

*Mexico’s President Andrés Manuel López Obrador has said that Mexico is “only just recovering from how we were before the [Covid-19] pandemic”, stating that he hopes the country’s economy will continue to grow. This follows the latest figures from Mexico’s national statistics institute (Inegi) which show that GDP grew 1% in quarterly terms in the first quarter of 2022 and 1.8% year-on-year. Mexico is one of the only countries in Latin America that has not recovered GDP to pre-pandemic levels, with Gabriella Siller, head of economic analysis at Mexican private bank Banco Base, pointing out that Mexico’s economy still lags 2.5% behind pre-pandemic levels. Inegi also released its latest monthly global indicator of economic activity (IGAE), which showed that economic activity grew 0.3% in monthly terms in March 2022, driven by the primary sector (agriculture), which was up 4.5%. However, economic activity dropped 0.3% in yearly terms. Overall, said Siller, these figures “show that the recovery continues, but at a slow pace and insufficient to reach a full recovery soon”.

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